Convergence in Central and Eastern Europe: Can All Get to EU Average?
Dubravko Mihaljek ()
Comparative Economic Studies, 2018, vol. 60, issue 2, 217-229
Abstract This note examines recent evidence on the convergence of per capita incomes in Central and Eastern Europe. The motivation for revisiting this topic is a revival of interest among policymakers in speeding up the convergence process, after it apparently stalled during the financial crisis of 2008–2012 and the subsequent slow recovery. There are two main findings. First, the choice of benchmarks can make a significant difference for assessments of convergence. Most studies seem to ignore this “fine print” of data. Second, despite disappointments, the goal of convergence remains a useful anchor for economic policy in CEE. Going forward, it would be important to recognise that convergence is a slow process, but nevertheless requires sustained reforms to avoid prolonged periods of stagnation or pronounced booms and busts.
Keywords: Convergence; Per capita income; European Union; Central and Eastern Europe; Great Financial Crisis (search for similar items in EconPapers)
JEL-codes: E61 F43 O47 P20 P50 (search for similar items in EconPapers)
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